QFB reports QR271.89m revenues
27 Oct 2017 - 0:00
Qatar First Bank (QFB) has reported QR271.89m revenues for the first nine months of the current financial year ended September 30, 2017. The Shariah-compliant lender has recorded a loss of QR139.6m for the same period.
Ayman Zaidan, Head of Treasury and Investment Management, said:
“As predicted, the past nine months were very challenging; as the global and regional investment market continues to face major difficulties. However, QFB recorded a revenue of QR271.89m and a loss of QR139.6m. QFB will continue its endeavours to engineer financial solutions and products for our local individual and institutional clients.”
These challenging global and regional economic factors that continue to have negative influence on the bank’s investment book led the bank to record a loss of QR40.79m on revaluation of investment at fair value through net income for nine-month period ended September 30. On the other hand, the investment portfolio continued to generate healthy cash dividends recording an income of QR17.64m.
On private bank front, QFB’s Sukuk book also continued to generate positive returns resulted in an income of QR17.92m. Furthermore, the bank’s income from placement with financial institutions stood at QR20.42m. Additionally, QFB’s income from financing assets increased by 21 percent, compared to the same period of 2016, recording additional income of QR10.75m.
QFB total assets slightly decreased by 7 percent from the year end, and closed at QR5.54bn. However, despite this fact, on the private bank front, QFB was able to increase its financing assets by net QR81.43m during nine-month period ended September 30, 2017 and was able to structure real estate products in the US and UK for its clients.
With regards to Memorial Healthcare Group, one of Turkey’s largest premier hospital chain, is a leading healthcare chain in Turkey with a network of ten hospitals and three medical clinics. Memorial was established with the mission of becoming a world-class brand in healthcare by pioneering practices in the sector, hiring distinguished staff, complying with international quality standards and serving patients with a satisfaction-oriented approach.
In 2016, the Group employed over 770 doctors and served approximately 2 million patients.